Report: Factors Affecting Individual Savings Behavior Analysis

This report presents an analysis of the factors influencing individual savings behavior, based on a sample of 100 observations. The study employed a multiple-regression model to determine the impact of various variables, including income, family size, education, age, and race, on savings. Descriptive statistics, correlation analysis, and regression analysis were used to identify significant relationships. The results indicated that income, education, and age were significantly related to savings, while family size and race were not. The final model, excluding insignificant variables, demonstrated that 41.32% of the variation in savings could be explained by the three significant independent variables. The report provides a predicted savings amount based on specific individual characteristics and offers recommendations to encourage savings, emphasizing the positive relationship between age, education, and income with savings.